Elon Musk and Republicans suffered a significant setback in the midterm elections as a result of Democrat James Talarico’s overwhelming victory in the Texas Senate contest. In addition to the $158 million he donated to the Senate Leadership Fund in September, the billionaire’s political action committee (Pac) gave $47 million (£35 million) to Republican candidate Ken Paxton’s campaign, according to the Financial Times.
For the first time since 1988, the seat became Democratic despite the money. Talarico stated in his winning speech, “We just proved that all the money in the world is no match for the people of Texas.”Musk joked on X, “I guess my space lasers that interfere with elections didn’t work this time.” Following the election results, markets were generally up on Wednesday morning, while Musk’s SpaceX and Tesla were down 3.4% and 4.9%, respectively. On the campaign trail, a number of Democrats had made strong statements opposing the growth of artificial intelligence (AI) data centers. Talarico’s triumph was a significant turning point in the midterm elections, contributing to a wave of victories across the United States that strengthened the Democratic Party’s hold on the US Congress.
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